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tv   Lou Dobbs Tonight  FOX Business  March 4, 2013 10:00pm-11:00pm EST

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an 87-year-old woman who later died. the retirement home says the nurse was just following policy. so if you're of a lawsuit keep you from saving somebody's life? here's what you're posting on our facebook page. she says no, we have reached this point of idiocy by allowing ourselves to outsmart common sense. rickey agrees. no, i would rather be judged by 12 people in court for trying to save a life that have somebody carried to their grave by six people. we asked this question on gerriwillis.com. interesting. log onto gerriwillis.com for our online question every weekday. finally, what does regulation nation plus nanny state equal? one big headache for our school system. administrators trying to figure out the newly proposed federal regulations for school lunches including limits on drinks such as juice.
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for students in elementary school, the drinks would be capped at 8 ounces for middle and high school students it would be 12 ounces. also capping stacks for calories, so many machines would need a big makeover. the price tag of the new ruling class in schools $127 million will take on hundred 26,000 paperwork hours in order to get the schools into compliance. unbelievable. maybe it's that using millions to nanny the schools they can go to books and computers for studentswouldn't that be better? they are currently open for public comment. you already know my opinion. on the websiteou can see more than 6000 additional proposed regulations. that is my two cents more. that is it for tonight's "the willis report." don't forget to dvr the show if you cannot catch it live. we wwll see you back here
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tomorrow. lou: good evening, everybody. president obama and his administration spepent weeks scaring th the american public r at least trying to do so about the dire effects of the sequestered. a white house idea the president promised would never happen while trying to get reelected. sequestration went into effect last friday in the white house is now pushing back as much of those predictions as they can. here is president obama last friday lecturing the white house press corps about the alleged real-life consequences of failure to reach a compromise on the sequestered. >> starting tomorrow, everybody here, all the folks cleaning the floors at the capitol now that congress has left, somebody will be vacuuming and cleaning those
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floors, throwing out the garbage, they will have less pay. the janitors, security guards, they just got a pay cut and they have to figure out how to manage it. that is real. lou: that's real, you say, mr. president. real? here's what the "washington post" says. that statement is not real, it is false. definitely not based on reality. "washington post" writing nothing in president obama statement came close to being correct. let me read that again. nothing, president obama statement came close to being correct. citing the sequestered plan from the architect of the capitol, the opposite deals with pectoral contracts and a document that reads "we do not anticipate furloughs for employees as a result of sequestration." and outrageously the president's
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drama is more than misplaced, mr. obama at least unintentionally broke faith with one of his biggest union supporters, the national federation of union employees union because the union had already promised to give back any lost pay for its members if they were to actually receive a sequester furlough. which they haven't, and apparently which they won't. the backlash against obama administration reckless disregard for the truth in the process has now officially begun. "the new york times" and the "washington post," both publishing scathing opinion pieces this weekend regarding the president's campaign arm called organizing for action. this reports top donors would receive the privilege of quarterly meetings with the president if only they would cough up a half a million dollars in donations.
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the times piece entitled the white house joins the cash grab warning about the president personal political army. declaring "a closer look at this group shows how disturbingng its work really is." how disturbing indeed. offering the following advice writing "the president ought to come to his senses. if he doesn't come it won't be easy to clean this off his shoes later on. organizing for action should be remained paying for access. that stuff in the president's shoes may not come off at all. he and his administration have been far too enthusiastic r many to soon forget, and the polls are beginning to show at least early signs with obama drama and the politics of fear.
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the job approval rating at 46% falling from 51% just last friday with the sequestered deadline arrived. president obama used the first business day after the sequester cuts went into effect to nominate three people to keep post in his administration and he held his first cbinet meeting after introducing some new faces to the team the president went back to sequester backpedaling. ed henry with our
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help america's families. speaker that came as arnie duncan declared "lguage is important" apologizing for his comments drawing four pinnocios from the "washington post." >> you could have heard repeatedly, i should have been clear there. >> also dealin doing with the president's own comments that drew two pinnocios. speak of the janitors, security guards, they just got a pay cut, and they have to figure out a way to manage it. that is real. >> not so real according to the architect of the capitol. updating it as four pinnocios. >> i think the real issue is
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that this isn't the president at a slow grind. >> janet napolitano claimed sequester cuts at the tsa are having an immediate impact. >> we're already seeing the big airports for example, some of them have very long lines this weekend. chicago o'hare, want to say lax, i want to say atlanta, but i would have to check. >> fox business to check for airlines for america, industry association which says their members are not seeing unusual delays only u.s. customs and border protection officials say cuts have led to international arrivals. the president nominated form wal-mart executive as his new budget director following he is ready to cut the deficit. >> confident we can get there if
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people of good will come together. >> speaker john boehner says he's willing to work to avoid a government shutdown at the end of march but raises doubts if democrats are serious about a long-term budget. >> they haven't done a budget in four years. they committed to doing a budget this year, and i hope they do. department insist the president has made progress on the so-called grand bargain. >> we are two and half trillion along that road. if you go all french. >> introduced a bill to keep the government running including extra money to prevent sequester cuts to border patrol agents. meanwhile as for the broader presidential market due in february. the president still has not submitted. u: thank you, ed henry, chief white house correspondent. funding the government through the remainder of this fiscal
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year for the next seven months. the bill maintains sequester cuts but gives the pentagon more money and more flexibility. joining us now, former deputy assistant to president george w. bush. senior writer for the weekly standard fox news contributor, thank you for being here. let's start, making all sorts of outrageous statements, all of which don't seem to be true. what was she thinking? >> we can't make outrageous claims without it being fact checked. you can't make outrageous claims the market people expect you will get away with it. the president as a leadership role american people sequester comes, i put the word out to cause the leastmount of pain for th people convicted telling the executive branch have at it, cause as much pain as possible.
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lou: this president has reacted entirely to the opposite. promising to inflict pain and apparently his secretary of attachmendepartment of homelandy have not stepped back, she stepped out of front of it and talked flat-footed misrepresenting reality to the american ppople. >> maybe it is just a habit at this point. let's be honest, the first-term they didn't get called on this kind of thing nearly as often as they have bee happened just in t week. what we have seen is the white house press corps, washington press corps should wake up to the idea there have been these serial exaggerations that did not seem right on the face. the administration could make claims that were not necessarily verifiable. these are verifiable claims in some cases. like janet napolitano today, so
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reporters can make a phone call and find out they are not telling the truth. this is a real risk for the administration to exaggerate it the way they did because they look like they are crying wolf. lou: "washington post" of all, the pinnocios are flying all over there talk about janitors, that was a pretty pathetic effort to being candid and apologize earlier saying he should have used elimination, which they weren't. and pink slips. so he gets more pinnocchio and is working on another four pinnocchio if he isn't careful. they have gotten away with this for years. the attitude of the white house is a transiry moment.
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>> he has been embolden to go out and basically scare the american people and quite frankly lie to us and not be candid about it. it has been so outrageous by the top levels of the banishment of this administration that even the press are now calling him on it. lou: i was struck by the fact that they began with the former governor of florida, former presidents brother saying basically he is interested in being a voice of reason leaving the republican party, which he says right now is all but lost. this is about the worst time anybody could be deflecting attention from this white house.
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aren't there wise men to counsel these folks? >> i think basically it is a simple explanation, he has a book coming out and he wanted to promote his book. this is baked in a long time ago, the fact he is stepping on the president very bad week is unfortunate for republicans, but if i can briefly i think your previous question in some way not to overstate it, is honestly the big question in some way the second term. lou: that is the one i meant to highlight and underline. >> will the press corps reverts to its old ways and give the president a pass, or is this a new press corps? i was typing the last time the washington press corps, a white house press corps has been so tough on the president, who's after he introduced his budget for 2012 in february 2011. and the "l.a. times," the "washington post" and
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"the new york times" had scathing editorials about the lack of leadership on entitlement debt and deficit. they tore him to shreds on these questions, and i think going to this debate about budgets where we will see three new budget, that is the question, the one you asked, will the white house press corps continue to put the pressure on the president to be serious about these big issues. lou: that question, as look at what is happening with this president, he can't stand for this feedback to open up because it calls into question what has been a legacy of the mr. petitions, promises whether it be the fact that something as innocuous as sequester won't happen to the issue that he won't raise taxes on middle-class americans working men and women, which he did.
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>> steve is right, this is a moment of truth in this white house. either he is going to change or the press is going to change, the truth will come out because there is no more tolerance for the kind of misstatements and this action. lou: i think you're exactly right. this in a strange way began with our white house correspondent ed henry reacting with his colleagues the very simple fact they were kept out of a three-day weekend by this present and then all that has happened from that. thank you very much. much more on the false claims of sequester armaddon, pucker lips, national media certainly not so compliant and it certainly not complicit with this presidency. >> a wall street gend sounds the alarm for america's coming
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entitlement crisis. we will show you what he says it will be worse than 2008 in tonight's "chalk talk." a big bubble in china. moody's chief economist joins us, he tells us what will happen to our economy if china's construction bubble finally bursts. next. dad, i'd put that down. ah. 4g, huh? verizon 4g lte. 700 megahertz spectrum, end-to-end, pure lte build. the most consistent speeds indoors or out. and, obviously, astonishing throughput. obviously... you know how fast our home wifi is? yeah. this is basically just asast. oh. and verizon's got more fast lte coverage than all other networks combined. it's better. yes. oh, why didn't you just say that? huh-- what is he doing?
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lou: no matter what this white house says, not all the problems in the world are americas. unemployment is soaring in europe, housing bubble building in china. chief economist will join us in a moment to assess all of the global economic threats and what it means of course to us here at
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home. on wall street, the dow rose within 37 points of its all-time high. it did so by raising 38 points closing at the highest levels since october of 2007. starting to feel better, isn't it? the s&p rose seven points, nasdaq up 12. volume just short of 3.5 billion shares. in th a commodity market, oil dropping, it is down five of the past six sessions. gold up a dying. small losses pushing market more than the 12 year yield. the chinese government announced new policies curbing soaring housing prices. the move sent the market lower in asia in early trading and our markets well before the stocks staged a late session rebound. joing us now, great to have you here. i want to start with this move, we had instant reaction in asia
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overnight to the chinese move. why are they so sensitive to this effort to constrain prices, housing prices in particular in china? >> anything that hints of a slowdown by chinese spending in the chinese economy is bad news for the world economy. how many times do we get reports from u.s. companies today that have sluggish sales in the state's growing two or 3% and they're counting on sales growth in countries like china to revive them with something respectable in terms of earnings growth. lou: a look at $300 billion trade deficit the chinese enjoy with us, it seems to me if we're going to depend on somebody, we better start selling a whole lot harder in china. >> that is true. the scary thing here is if china
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does slow down, if it grows by 6% instead of the expected 8%, that is something we are going to feel at home domestically. lou: last night "60 minutes" did a report on the construction across entire country according to their report, miles and miles as a set of skyscrapers empty. apartments empty. it is the most horrendous thing, they spent somewhere above $2 trillion building what is vacant lots. >> should talk about highways to nowhere. we have cities filled with nobody in the oddest thing is people can keep buying these apartments on expectations the prices of the apartments will move higher. lou: if the bubble does collapse because it is a communist
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nation, it is a run on the economy, don't know what these comparison is between the supply and demand. it is not pleasant. making what we have seen in this country seem rather mild. speak of the soviet union exported few products the rest of the world wanted. so when you look at this situation, there must be a lot of problems in china, it appears the state is still willing to subsidize these problem moments but it can' can't afford to do s continuously. let's not forget one of the reasons why we have these empty cities is because of a need to fully employ the chinese people. lou: let's take a look at what is happening very quickly in europe. the fact europe is devastated in terms of jobs.
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looking at the euro zone, unemployment, the highest unemployment rate since they started keeping records 18 years ago. >> 11.9%, it is above 20% in some of europe's peripheral economies. this is a situation that cannot continue without risking a lot of political instability which we are starting to see evidence of that recently in italy. lou: very quickly, how much should we be concerned about our vulnerability in europe and china? >> the world suffers from an excess supply of labor and as long as that is the case, we will have downward pressure being put on the wages and salaries of average american workers, that is not good news for the average american. we have a ways to go before we begin to see the real wage growth. lou: on the weekend box office, "jack the giant slayer" debuted
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lou: he may not be a household name, you may never have heard of him, but in a world of investing, he is a legend. when legends warn about a crisis, smart people listen. especially when that legend has made a career of being right. >> i see a storm coming, maybe
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bigger than the storm we had in 2008 to 2010. i don't know what e timing of the market will respond to this, but it will happen. i don't know what will happen in one month, one-year, five years, to bcould be as long as 10 year, but it will happen. lou: he is a billionaire hedge fund manager, for a time a partner with george soros and met a lot of money and most importantly he has made an average 30% per year for his firm. for the past almost 30 years. he also called the 2008 economic crisis, and he was probably the first to have done so and now he says it even worse crisis may be coming because of our runaway entitlement spending. that is something not many of us want to hear about. but we hear all this talk about our $16 trillion debt, trillion dollars deficit, how terrible it
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all is, and it is, but according to him, that is something we consider social security, medicaid, medicare, let's do it this way. medicare, medicaid and the unfunded liabilities that amount is much as 200, some aspects have it lower, but as high as $211 trillion. that is not all. constituting 62% of all government spending. they figure that is projected to rise to 76% by 2040. think of that. three out of ery $4 being spent on entitlements.
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we're talking about six out of 10. spending on the big three programs alone currently make up 10.4% of gdp. 10.4% of gdp. if we do nothing to change it, the figure goes to 18.2%. 18% by 2048. why then, social security, medicare, the kids expected to take up all of the tax revenue, let me put that down as simple as it can be said, all tax revenue. that makes it pretty simple, doesn't it? meaning any other spending, national defense, whatever you would like to choose amongst the potpourri of the federal budget will have to be financed by borrowing. what is behind the crisis?
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our aging population. we have 40 million people in this country, 40 million people age 65 and over. 40 million. by 2040, the number doubles to 80 million folks. 80 million folks. it has at this point been fair to blame both political parties, but it is also now at this point in time to say to this president it is he who refuses to be responsible, to act and to lead in the national interest because this president understands as clearly as anyone of us what this means, and it is disastrous. it is in fact a shame the president isn't living up to his so-called skinny, but tough
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declaration while everybody's going to have to toughen up if we're going to get out of this one responsibly and intelligently. lou: more obama drama when we thought it was all but over. the "a-team" will be here to tell us what republicans are likely to do next. jeb bush says republicans have lost their way and apparently in his view all republicans have to do is listen to him is america ready for another bush? the obama administration and the democratic party are in a full on assault on the second amendment. one of the leaders opposing that assault is the ceo of the nra. he is next ♪music plays thank you orville and wilbur... ...amelia... neil and buzz: for proving there's nowhere we can't go. but, at some point... giant leaps gave way to baby steps... and with all due respect, you're history.
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interesting things that happened in a while is the senator from west virginia, and a rating from your organization refusing to the journal newspaper to discuss the second amendment are the legislation on gun control that is working its way through the senate. now how do you work with that kind of attitude on the part of the senate? >> i don't know. this whole thing has nothing to do with stopping violent crime, nothing to do with making children safer. if they want to make kids safer, put security in schools. if you want to make the streets safer, force federal gun laws on the books against gangs and violent felons. this is a decade-long attack on the second amendment and that is really what it is. lou: how do you react when a
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senator wants to come across as he did in the 2010 campaign a top nra gun supporter, and now he is quiet. >> well, the legislation if you're talking about the legislation. lou: i'm talking about the senator and his attitude on the second amendment, why wouldn't he stand up? >> i don't know why he is silent other than maybe represents west virginia and people in west virginia want the second amendment protected. the guns they were talking about banning under diane feinstein's bill performed a different then ththenthe guns they were bannin. the cartridges on the small end of the power scale of rifle cartridges, and yet they say they want to ban that because it is more powerful, like our soldiers use. every round beer hunters use
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whether it is 243, 270, 30 odd six, obigger calibers, 308, they are all larger calibers, they don't want to ban those. gun owners know the truth. that is why they are so frustrated right now. lou: is your membership growing? we have read accounts, a number over 4 million right now, right? >> we have grown to 5 million. there are thousands growing every day. lou: you said the gun owner is the victim here. at the same time we're watching him expectantlinexplicably anotf 00 ar-15 light rifles, we're watching 2 billion rounds of
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ammunition, 9-millimeter, we're looking at the purchase of 2700 light armored vehicles in the midst of at least allegedly 2700 of those vehicles. what in the world is going on as the homeland departmen homelandf homeland security is arming up in the administration is trying to disarm america citizens. >> you're going to end up with these politicians getting in a way that all those who have taxpayer security will be protected and those with bodyguards will be protected and the criminals will still have what they want and the average law-abiding american will be the least capable person to defend themselves. that is where all this is leading. lou: it is very unlikely it would be a calm matter to have no guns in this country. some of these names scare the
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dickens out of me. the senator of oklahoma working on a universal background check. this looks to be frankly a very interesting potentially trojan horse move on the part of senator schumer to build support for universal background check that could become quite something else in a conference committee. >> that is exactly right. it will end up a registry on all of the law-abiding people. we're already a billion dollars, there are delays, the mental records for most of the states are not even in it. the administration has no intention of prosecuting, they call them paperwork violations. my gosh, whole thing is not worth the paper it is printed on if you don't prosecute, they are not stopping anyone. yet they want to expand it to the law-abiding people in this country with putting all their names on that list and you know
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what happens with that, politicians say they will never confiscate, they said that in the uk and they broke their promises and we all know what happened. lou: i will stick with those promises, i don't need any others. wayne lapierre, thank you. come back sometime. the head of the nra. if you would like to connect with us and talk by this issue or any other, go to loudobbs.com. you can e-mail me. i would love to hear fromm you. parts of the midwest are bracing for what meteorologists are now calling perhaps the heaviest of snowfall of the season. are you ready? we are coming right back. alec, for this mission i upgraded your smart phone. ♪ right. but the most important feature of all i.. the capital one purchase eraser. i can redeem the double miles i earned with my venture card to erase recent travel purchases.
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lou: a major winter storm bringing heavy snow and freezing rain tonight to a wide swath of the northern plains and upper mississippi valley.
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forecasters say the blitz is expected to dump up to a foot of snow in minnesota before it moves eastward over the mid-atlantic states late tomorrow into wednesday. officials in parts of north dakota warning drivers to stay off the roads with the heavy snow causing near zero visibility. president obama says they're rich don't pay their fair share to a big report shows the rich could hit a 30-year high this year. according to the tax policy center, the top 20% of earners will carry a huge share of the tax burden rising to nearly 72% this year. the top 20 paying 72% of the taxes. those in the top 1% pay 30% of those taxes. the tax rates are among the highest since 1979, so apparently the obama administration is making progress. up next, president obama making two cabinet appointments.
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the "a-team" take them up next. we are coming right back.
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lou: joining us now, the "a-team." i want to start with the press secretary making it clear there is no set price for meeting with the president of the united states. here he is. >> a notion there's a set price for a meeting with the enemy states president is wrong. organizing action to promote the public policy agenda, therefore
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as anyone would expect the president would likely meet with representatives discuss his agenda. any notion that there is a price for meeting with the president is simply wrong. lou: the story by "the new york times," "washington post" of all the public agents in this country for selling time with the president. >> look, "the new york times" broke the story. it is negotiable. it is up for bid. lou: who knew you could haggle over these things. >> he answered it well. it makes perfect sense the president will list everything he can. but at the battles he has had to face, barely three months into this term and his fighting all over the place so he needs as many allies as he can get.
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lou: i have to ask the question, he is fighting. a man mr. resenting and caught red-handed in weeks and weeks of hyperbolic politics and fear and you say he is fighting and fighting? if he is fighting, it is a fight he started. no hardly isn't going to get it here tonight. >> the president has the upper hand. lou: 46% approved, 46% disapprove. >> i have my issues with gallup, but that is that. far more popular than congress and far more popular with people and it comes to getting the people back on track. that is what matters right now. in the end he has the upper hand in this debate. lou: on the issues, your
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reaction if you will to jeb bush deciding he will be available to the republicans to the promised land, that was sort of my interpretation of his comments on the today show. what do you think? >> obviously have great affection for both president bush and the country over 310 million people can't they find somebody else the republican party that isn't somebody with the last name of bush to go back on the ticket? lou: we will be back with more lovely concept for the republican party to consider. 32 consecutive years a bush or clinton in a presidential administration. there are those who have suggested 32 may be the magic suggested 32 may be the magic number, enough is enoug everyone's retirement dream is different; how we get there is not. we're americans. we work. we plan.
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the most consistent speeds indoors or out. and, obviously, astonishing throughput. obviously... you know how fast our home wifi is? yeah. this is basically just asast. oh. and verizon's got more fastlte e than all other networks combined. it's better. yes. oh, why didn't you just say that? huh-- what is he doing?
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lou: we are back with the "a-team." the reports today, 20% of ericans paying 72% of texas. are we approaching fairness? would he like to see 90 or 95 which mark >> fairness is when they start close the loopholes and that has been one of the big arguments around sequestration. lou: what are you doing here tonight? >> loopholes is something everybody should be able to agree upon given the precious little territory republicans are willing to negotiate. give us everything and then we will talk to you. the poles could do it. lou: the democratic party would be contento destroy the housing market again by eliminating depreciation deductibility? >> there are other corporate loopholes that could be closed.
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>> what are your thoughts? >> it will never be enough. they have said the rich aren't paying their fair share, the study you cit has proven that those in the top 20% are paying overwhelming majority of the tax for the country. lou: has certainly achieved that. all the focu folks in between. they have come up on the treatment in the white house press corps, which has been horrible. >> look at the last four or five years president obama running the first time, he got the treatment all through the 2008 campaign, i think

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